New Delhi: According to experts, efforts are underway to develop a cross-border insolvency framework with a cautious approach and such a framework should respect the laws of other countries without affecting Indian law.
Former NCLAT (National Company Law Appellate Tribunal) chairman S Mukhopadhyay stressed the importance of a strong cross-border insolvency framework in the country.
"We have to respect the law of other countries, but that does not mean abolishing our law. Our law must have supremacy in our jurisdiction," he was quoted as saying in a release.
He was speaking at a conference on 'Cross Border and Group Insolvency in India: Challenges and Opportunities' in the national capital on Saturday.
The conference was organized by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) jointly with the Foreign, Commonwealth and Development Office-United Kingdom (UKFCDO), Insolvency and Bankruptcy Board of India (IBBI) and Institute of Chartered Accountants of India. . (ICAI).
Sudhakar Shukla, whole-time member, IBBI, said efforts are on to work on a group insolvency framework as well as develop a cross-border insolvency framework with a cautious approach.
According to the release, Member (Justice Ashok Kumar Bhardwaj) of the National Company Law Tribunal (NCLT) said that there is a growing emphasis on a hybrid model of cross-border insolvency framework, which has laws in different jurisdictions and also has space for common interest. .
Ashok Haldia, President, IIIPI, said that IIIPI is actively engaged in capacity building and policy advocacy on various aspects of the insolvency profession.
Former NCLAT (National Company Law Appellate Tribunal) chairman S Mukhopadhyay stressed the importance of a strong cross-border insolvency framework in the country.
"We have to respect the law of other countries, but that does not mean abolishing our law. Our law must have supremacy in our jurisdiction," he was quoted as saying in a release.
He was speaking at a conference on 'Cross Border and Group Insolvency in India: Challenges and Opportunities' in the national capital on Saturday.
The conference was organized by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) jointly with the Foreign, Commonwealth and Development Office-United Kingdom (UKFCDO), Insolvency and Bankruptcy Board of India (IBBI) and Institute of Chartered Accountants of India. . (ICAI).
Sudhakar Shukla, whole-time member, IBBI, said efforts are on to work on a group insolvency framework as well as develop a cross-border insolvency framework with a cautious approach.
According to the release, Member (Justice Ashok Kumar Bhardwaj) of the National Company Law Tribunal (NCLT) said that there is a growing emphasis on a hybrid model of cross-border insolvency framework, which has laws in different jurisdictions and also has space for common interest. .
Ashok Haldia, President, IIIPI, said that IIIPI is actively engaged in capacity building and policy advocacy on various aspects of the insolvency profession.
